The Euro rose against most of the major currencies during last week's trading session. The Euro's most notable appreciation was against the Dollar as the pair rose to the 1.4900 level. The Euro also saw a bullish trend against the Yen, and currently the EUR/JPY pair is traded at the 134.0 level.
Two main reasons have led to the Euro's bullish trend last week. The first reason was a batch of positive economic data, which came from the Euro-Zone's leading nations. The German Factory Orders, which measures the change in the total value of new purchase orders placed with manufacturers, rose by 0.9% during September. This was the fifth consecutive positive figure for this report. In addition, the French Budget Balance and the Trade Balance also delivered better-than-expected results. This has created a sentiment that the European economies are truly recovering, and as a result strengthened the Euro.
The second reason for the Euro's uptrend was the disappointed data from the U.S economy. The poor employment condition in the U.S turns many investors to look for other investments than the Dollar, and this naturally strengthens the Euro.
Looking ahead for this week, a batch of data is expected from the Euro-Zone. Traders are advised to follow the major publications from the German economy, as this is the strongest economy in the Euro-Zone, and tend to have a significant impact on the Euro. The German Economic Sentiment is scheduled for Tuesday. Another result above 56.0 for this survey is likely to support the Euro. In addition, the German Preliminary Gross Domestic Product is expected on Friday. This is the broadest measure of economic activity and the primary gauge of the economy's health, and thus tends to have an immense impact on the market.